By: Armbrister S.B. No. 325
A BILL TO BE ENTITLED
AN ACT
1-1 relating to investments by the boards of trustees of local
1-2 retirement systems for firefighters.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subsection (a), Section 27, Texas Local Fire
1-5 Fighters Retirement Act (Article 6243e, Vernon's Texas Civil
1-6 Statutes), is amended to read as follows:
1-7 (a) A board of trustees established under this Act shall
1-8 keep a sufficient amount of cash on hand to make payments as they
1-9 become due under the retirement system. If a board determines that
1-10 the fund of its retirement system contains an amount in excess of
1-11 the amount needed to make payments as they become due, the board
1-12 may invest any portion of the excess. The state auditor shall
1-13 conduct a study to determine if the retirement systems covered
1-14 under this Act should be covered under Chapter 2256, Government
1-15 Code, or similar statute [in:]
1-16 [(1) bonds or other interest-bearing obligations and
1-17 securities of the United States, the state, or a political
1-18 subdivision of the state;]
1-19 [(2) shares and share accounts of savings and loan
1-20 associations to the extent that the shares and share accounts are
1-21 insured by the Federal Savings and Loan Insurance Corporation;]
1-22 [(3) first-lien real estate mortgage securities
1-23 insured by the Federal Housing Administration;]
2-1 [(4) bonds of companies incorporated within the United
2-2 States;]
2-3 [(5) common and preferred stocks of companies
2-4 incorporated within the United States that, unless the stocks are
2-5 bank or insurance stocks, are listed on an exchange registered with
2-6 the Securities and Exchange Commission or its successor;]
2-7 [(6) guaranteed investment contracts offered by
2-8 insurance companies;]
2-9 [(7) money market funds;]
2-10 [(8) mutual funds and other pooled funds;]
2-11 [(9) international stocks traded as American
2-12 depository receipts; and]
2-13 [(10) over-the-counter stocks].
2-14 SECTION 2. The importance of this legislation and the
2-15 crowded condition of the calendars in both houses create an
2-16 emergency and an imperative public necessity that the
2-17 constitutional rule requiring bills to be read on three several
2-18 days in each house be suspended, and this rule is hereby suspended,
2-19 and that this Act take effect and be in force from and after its
2-20 passage, and it is so enacted.